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HAWK RESOURCES LIMITED. — Capital/Financing Update 2020
Aug 27, 2020
65081_rns_2020-08-27_cdfbd6a9-fca3-428d-b585-029039682464.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT 28 August 2020
ALDERAN PREPARES FOR DRILLING AT WHITE MOUNTAIN EPITHERMAL GOLD PROJECT
HIGHLIGHTS
WHITE MOUNTAIN EPITHERMAL GOLD PROJECT, UTAH, USA (100% ALDERAN)
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Intense, classic, low sulphidation epithermal alteration over 6km strike length.
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Geological and geophysical (structure and alteration) mapping and project review completed. The project area hosts wide spread epithermal alteration/mineralisation along intersecting major structures.
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Alderan plans four drill holes to target the intersection of major controlling structures and the most intense alteration.
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Alderan is targeting both fault controlled high grade, epithermal vein style as well as diseminated mineralisation.
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Drill holes being permitted now, and scheduled to start end of October, approximately.
OTHER PROJECTS
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Alderan has received, digitised and reviewed historical data for the Detroit Gold Project . Permitting for a drill program is underway.
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Geological mapping and rock chip sampling completed at the Black Rock gold-copper prospect , in the Tamra JV , with a drill program planned and undergoing permitting. Details will be released at the earliest opportunity.
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Alderan is actively revewing other gold exploration opportunities from its extensive database and knowledge base, in the Western USA.
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Frisco JV , Kennecott is completing the fourth hole in their first pass drill program. Company is awaiting drill results.
Alderan Resources Limited (ASX: AL8) ( Alderan or the Company ) is pleased is pleased to announce it is planning a maiden drill program of up to four holes at its White Mountain Epithermal Gold Project in Utah, USA. The exploration model is derived from the Ken Snyder/Midas Epithermal Gold Mineral system in Nevada[1] .
White Mountain represents a large epithermal system related to tertiary volcanic arc magmatism (Figures 1, 2, 3). The area is characterised by presence of a broad halo of clay silica-Fe-hydroxide alteration that coincides with a really significant argillic alteration interpreted from the Asters data. The alteration expresses itself as a 6km-long, 1300m-wide, 30m-high ridge.
The widespread, albeit weak, Au and Ag anomalism in the uppermost level (present day surface) of the system, the presence of native sulphur in it, the large size of the alteration at surface and its proximity to Alderan‘s Frisco porphyry system as a potential heat engine and driver, is considered highly prospective.
The epithermal system is considered a distal expression of the Frisco porphyry system, with fluid flow likely triggered and facilitated along the known dominant 030 structural corridor, with an east west trending potential graben boundary fault being the second order controlling structure for fluid flow.
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ASX ANNOUNCEMENT 28 August 2020
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Figure 1: Location map for the White Mountain Epithermal Project. Red dots are epithermal gold occurrences (USGS database) Green rectangle is the Frisco Project JV area, Blue rectangle is the Valley Cross Roads JV area.
Alderan has completed and interpreted ground geological mapping, acquisition of ASTER (satellite) data (USGS) and processing (Figure 4) and ground magnetics. The mapped horizontal and vertical zonation indicate the western end of the project as being the shallower and more intensely altered portion of the Epithermal system. The interpretation of the magnetic data indicates sub-vertical dips.
Drilling at White Mountain will follow the planned drilling at Alderan’s Detroit Project and is expected to commence in late October. Alderan plans four 300m holes, which are being permitted for drilling. The final depth of the holes will be dependent on geology and geochemical zonation in the drilling.
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Figure 2: Simplified geological map of White Mountain Epithermal Gold Project. Holes being permitted indicated as white circles, with arrow denoting planned azimuth.
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ASX ANNOUNCEMENT 28 August 2020
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Figure 3 : Photographs of the rock types of the White Mountain Epithermal Gold Project.
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Figure 4: Alteration mapped by ASTER satellite imagery for White Mountain Epithermal Gold Project.
ENDS
This announcement was authorised for release by the Board of Alderan Resources Limited.
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ASX ANNOUNCEMENT 28 August 2020
ALDERAN RESOURCES LIMITED
ABN: 55 165 079 201 Suite 23, 513 Hay Street, Subiaco, 6008, WA www.alderanresources.com.au
For further information: e: [email protected]
p: +61 8 6143 6711 Peter Williams Managing Director [email protected]
REFERENCES
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